Lucid Motors, the luxury electric vehicle manufacturer, has released its financial results for Q4 2022 and the full year, disappointing Wall Street with lower-than-expected revenue. Despite exceeding its slashed production guidance, the automaker reported a loss of $0.28 per share for the year. However, Lucid remains optimistic, announcing plans to double production in 2023.
In Q4 2022, Lucid’s revenue was $257.7 million, falling short of the $303 million expected by analysts, resulting in an annual revenue of $608.2 million. Despite these lower-than-expected numbers, Lucid ended the year with $4.4 billion in cash reserves, an increase from the previous quarter, thanks in part to a $1.5 billion investment from Saudi Arabia’s Public Investment Fund.
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Looking ahead to 2023, Lucid expects to produce between 10,000 and 14,000 cars, double the number produced in 2022. However, this is still below their original production goal for 2022. The company recognizes the challenges it faced last year and remains focused on delivering the best luxury sedan on the market.
One concerning trend for Lucid is the decrease in outstanding reservations. The number of reservations dropped by more than the number of cars delivered in Q4 2022, resulting in a net loss of over 4,000 reservations in just four and a half months. In response, Lucid has implemented aggressive sales tactics, offering discounts on the Air and calling customers multiple times to finalize their orders.
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CEO Peter Rawlinson acknowledges the challenges Lucid faced in 2022 but remains optimistic about the company’s future. “We’re excited to double our production in 2023,” Rawlinson says. “We’re confident that we can continue to deliver the best luxury sedan on the market and grow our business despite the challenges we faced last year.”
Lucid Motors faces tough competition in the luxury electric vehicle market, but the company remains committed to delivering exceptional vehicles and growing its business. With its aggressive sales tactics and plans to double production in 2023, Lucid is poised for success in the coming year.
